Latest Energy / Automotive News As Reported: Rig Count U.S. -9 to 711 Canada +2 to 87
London, 30 May, 2023, (Oilandgaspress) : UK’s Labour leader, Keir Starmer will announce proposals to block all new North Sea oil and gas developments and limit borrowing to green investment, the Sunday Times reported, citing an unidentified person in the Labour party.
Starmer is reportedly expected to set out a net zero energy policy, which would include the pledge to ban new North Sea licenses, in Scotland next month. The policy will be one of Starmer’s five key pledges to the electorate.
Lexus GX to Debut in North America; Lexus will unveil the all-new GX in Austin, Texas on Thursday June 8th (local time). A preview of the new design was released today in anticipation of the reveal. As a genuine off-road SUV, GX is the latest offering from the ever more diverse new Lexus range, catering to the needs of some of Lexus’s most adventurous customers. Read More
The nomination committee in Equinor recommends that the company’s corporate assembly re-elects all the shareholder elected members of Equinor ASA’s board of directors. The nomination committee recommends a re-election of Jon Erik Reinhardsen as chair and re-election of Anne Drinkwater as deputy chair of the board, in addition to re-election of Rebekka Glasser Herlofsen, Jonathan Lewis, Finn Bjørn Ruyter, Tove Andersen and Haakon Bruun-Hanssen as shareholder-elected members of Equinor ASA’s board of directors. The election to Equinor’s board of directors takes place in the company’s corporate assembly meeting Tuesday 6 June 2023. It is proposed that the election enters into effect from 1 July 2023 and is effective until the ordinary election of shareholder-elected members to the board of directors in 2024. Read More
Neste starts to use lower-emission marine fuel
Over 90% of the world’s trade is carried by sea, making maritime transport essential to the global economy. The International Maritime Organization has set ambitious targets for the maritime sector to reduce its emissions to combat climate change. From May 2023 onwards, two tankers transporting Neste’s renewable diesel from Finland to Sweden will be fueled with lower-emission marine fuel, namely Neste Marine™ 0.1 Co-processed.
“We are committed to working with our suppliers and partners to reduce emissions across our entire value chain. Powering two tankers transporting our renewable diesel with a marine fuel to reduce greenhouse gas emissions is yet another step towards reaching our sustainability targets,” says Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.
Neste Marine™ 0.1 Co-processed is an ISCC PLUS certified* marine fuel and a lower-emission solution for marine professionals, including cargo owners and charterers. Its use enables up to 80%** lower greenhouse gas (GHG) emissions over the fuel’s life cycle compared to fossil fuel.
“Our aim is to support shipping companies in their transition towards carbon neutrality. A year ago we introduced Neste Marine 0.1 Co-processed marine fuel to the market. The fuel is now commercially available in Finland and Denmark. As a part of Neste’s target to reduce emissions across our value chain, we have now started transporting our renewable diesel to Sweden in two tankers that run on lower emission marine fuel themselves,” tells Sveta Ukkonen, Head of Marine Fuels & Services at Neste. The tankers Suula and Kiisla will be using the Neste Marine 0.1 Co-processed marine fuel produced at Neste’s refinery in Porvoo, Finland. At the refinery, renewable raw materials are processed together with fossil raw materials in the conventional refining process. Co-processing raw materials enables control over quality through the entire process and results in a product with a composition and performance similar to conventional marine fuels. Read More
Neste and ITOCHU extend their collaboration
Neste and ITOCHU have agreed to extend their collaboration with a licensing agreement allowing ITOCHU to become an official distributor of Neste MY Renewable Diesel™ in Japan. Based on this agreement, the availability of Neste MY Renewable Diesel will be expanded in the market, for example, to the area around Osaka in order to supply the fuel to the construction site of the Osaka-Kansai Japan Expo taking place in 2025.
Japan has accelerated the steps towards decarbonization in order to meet two ambitious climate goals: carbon neutrality by 2050 and a 46% reduction in greenhouse gas (GHG) emissions by 2030. Neste and ITOCHU share a common vision of renewable fuels playing a key role in reducing greenhouse gas emissions in Japan. The key focus in the current collaboration will, therefore, be not only on selling but also on promoting the use of more sustainable fuels, accelerating the transition from fossil fuels to renewable fuels, and increasing knowledge sharing on renewable diesel and the benefits it provides to its users. “We are very excited to expand our Neste MY Renewable Diesel offering in Japan. We firmly believe that all solutions are needed to reduce transportation-related emissions and support Japan’s target of reaching carbon neutrality by 2050. We are committed to supporting our customers to reduce greenhouse gas emissions by at least 20 million tons annually by 2030,” says Peter Zonneveld, Vice President Sales, Europe and APAC at Neste’s Renewable Road Transportation business unit. Neste and ITOCHU started collaborating in Japan already in June 2021 to make renewable diesel available to selected customers in Japan. At the time, the partners agreed to build a strategic partnership to accelerate the use of renewable diesel as a low-emission solution for diesel engines in Japan. Read More
Neste to set the first science-based targets for nature
Neste is selected to the initial target validation group for science-based targets (SBTs) for nature, by The Science Based Targets Network (SBTN), which is aiming to set the global standard for ambitious and measurable corporate action on nature. Globally, only 17 companies are invited to the target validation group to pilot a global framework for setting targets, and measuring and validating organizations’ nature work.
“We are excited to be included in the initial target validation group. Biodiversity is an important part of our sustainability vision, which is strongly embedded into our company strategy. We at Neste are developing science-based targets and actions, and this pilot is a great opportunity to develop our own objectives in a credible way,” says Salla Ahonen, Vice President, Sustainability at Neste.
As SBTN launches the underlying process for companies to submit their targets for review and approval, the validation process will initially only be available to a small group of pre-selected companies in order to gain learnings and optimize accordingly, prior to a full validation process roll out.
Towards a nature positive value chain Neste’s biodiversity vision is to achieve a nature positive value chain* by 2040. We aim at creating net positive impacts (NPI) for biodiversity from new activities from 2025 onwards, and target no net loss** (NNL) of biodiversity from all ongoing activities by 2035.
We are developing a systematic approach to delivering net positivity on biodiversity on all our new activities by 2025. We also aim to align our existing operations to achieve no net loss for biodiversity by 2035 with the aim of having a positive impact on biodiversity throughout the entire value chain by 2040. Read More
Saab receives order for Carl-Gustaf ammunition to Sweden
Saab has received an order from the Swedish Defence Materiel Administration (FMV) for deliveries of ammunition for the recoilless Carl-Gustaf® rifle. The order value is approximately SEK 3 billion and deliveries will take place during 2026-2030.
The order is placed within a framework agreement between Saab and FMV which allows purchases of Saab’s Ground Combat weapons Carl-Gustaf, AT4 and NLAW, including ammunition and equipment.
“We are proud to continue to deliver our world-leading solutions to Sweden and contribute to the Swedish defence capability. This order secures the Swedish Armed Forces supply of Carl-Gustaf ammunition and is a result of the weapon’s capacity and robustness,” says Micael Johansson, President and CEO of Saab.
The multipurpose Carl-Gustaf weapon has been in use by the Swedish Armed Forces since 1948. During year 2018, FMV signed a contract for deliveries of the latest iteration of the weapon; Carl-Gustaf M4. The wide range of ammunition available for Carl-Gustav further strengthens the system’s tactical flexibility, enabling faster engagement, increased hit probability and greater effectiveness for the soldiers. Read More
Eni and RINA sign partnership
RINA, an international company specialising in inspection, certification and engineering consultancy, and Eni have signed an agreement to jointly develop initiatives that can contribute to the energy transition and decarbonisation of their respective operations and particularly maritime transport, where RINA and Eni can benefit from each other’s expertise.
Specifically, the agreement focuses on the use of HVO (Hydrogenated Vegetable Oil) biofuel produced by Eni in its Venice and Gela bio-refineries, as well as of other energy carriers such as “blue” or “green” hydrogen and ammonia from biogenic, renewable or waste raw materials not competing with the food chain, in the naval sector. Moreover, the partnership encompasses the development of initiatives for the logistics and value chain of new energy carriers, and the adoption of certified methods for the “taxonometric” calculation of the emissions benefits they will generate.
Eni and RINA will also consider carrying out experiments and pilot projects related to the on-board capture of CO2 emissions in order to further contribute to pursuing the naval sector’s sustainability goals. Read More
Renewal of OML 130 License
Africa Oil Corp. notes the press release by TotalEnergies announcing the renewal of Oil Mining License (“OML”) 130 for a period of 20 years. Africa Oil has an effective 8% interest in OML 130 through its 50% shareholding in Prime Oil & Gas Coöperatief U.A. (“Prime”). The renewal of OML 130 means that Akpo, Egina and Preowei fields will operate under the terms of the new Petroleum Industry Act (“PIA”), being the first assets to effectively benefit from the PIA fiscal terms. This license renewal, a condition precedent to the closing of Prime’s debt refinancing, will allow Prime to enhance its debt capacity, reset its tenor to 6 years and materially increase its near-term liquidity capacity. Closing of the refinancing, expected in the next few days, will provide Prime with the scope to distribute dividends to its shareholders, including Africa Oil, during this year. The renewal of OML 130 will also allow the Company to increase the available amount of its standby corporate credit facility to $200.0 million from $100.0 million currently, significantly increasing its liquidity. This facility, which is currently unutilised, is available to be drawn until October 20, 2023. Read More
Liquid Hydrogen-Powered Corolla
Toyota Motor Corporation (Toyota) will enter the ENEOS Super Taikyu Series 2023 Round 2 NAPAC Fuji SUPER TEC 24 Hours Race, to be held from May 26 to 28, with the #32 ORC ROOKIE GR Corolla H2 Concept (hydrogen-powered Corolla) running on liquid hydrogen. It is the first time in the world that a vehicle will race with liquid hydrogen fuel.The liquid hydrogen-powered Corolla was scheduled to compete for the first time at Round 1 Suzuka Super Taikyu 5 Hours Race held on March 18 and 19. However, during a private test run at Fuji International Speedway on March 8, a vehicle fire occurred due to a hydrogen leak from a gaseous hydrogen pipe in the engine compartment. As the vehicle could not be recovered in time, Toyota was forced to abandon the race.
In the two months since missing Suzuka, the design of the hydrogen piping that caused the vehicle fire has been changed, with safety as the highest priority. These changes included (1) moving the hydrogen piping away from hot areas, and (2) installing safety covers on the hydrogen piping joints to prevent loosening and to catch and lead hydrogen to detectors in the event of a leak. Read More
Odfjell SE: Mandatory notification of trade
Primary Insider and Chief Sustainability Officer of Odfjell SE, Øistein Jensen, has today acquired 1,000 Odfjell A-shares at an average price of NOK 91.80 per share.
After this transaction, Øistein Jensen owns 54,153 A-shares in Odfjell SE. Read More
Eni, FISE and Scuderia 1918 sign agreement
Eni, the Italian Equestrian Sports Federation (FISE) and Scuderia 1918 have signed an agreement to develop joint initiatives to further energy transition in equestrian activities.
The collaboration intends to promote a more sustainability and the decarbonisation of equestrian clubs and major national stables; with a strategic vision based on solid initiatives that are consistent with the principles of equestrian disciplines.
There is a growing need within equestrian sports for centres and events that are aligned with sustainable imperatives as well as making athletes more environmentally aware. As FISE President Marco Di Paola, a partner of the agreement, stated, “The art of equestrianism is in mastering simplicity, and is a great resource for sustainability and education. In this context, we can demonstrate sustainability through combining practice and technology effectively.”
Scuderia 1918 has underwritten the agreement. In its far-sighted and innovative vision, the agreement promotes ecological and ethological principles aimed at improving the welfare of horses and at developing sustainable projects that improves the intimate relationship between humans and animals at the core of horse riding.
By developing a comprehensive portfolio of dedicated products, services and solutions, Eni plans to decarbonise equestrian centres, sports facilities and equestrian events. The partnership’s areas of focus will be around: energy efficiency through the use of plant biomass (thermal or co-generation), geothermal, agri-voltaic and photovoltaic plants; the decarbonisation of transport activities in horse racing through the use of HVO biofuels and electric vehicles; and the use of plant herbicides with high biodegradability. Read More
Prospex Energy PLC – Italy: Selva Field Development Update
Prospex Energy announced that on behalf of the Joint Venture, Po Valley Energy Limited has recovered the €757,000 performance bond funds deposited with SNAM, the Italian national Transmission System Operator. Po Valley Operations Pty Limited (“PVO”), a wholly owned subsidiary of Po Valley Energy Limited (ASX: PVE) is the Operator of the Selva Malvezzi production concession with 63% ownership interest and Prospex has the remaining 37% working interest in the Joint Venture.
Highlights
• PVO has successfully recovered the €757,000 performance bond (€280,090 net to PXEN) previously deposited with the Italian national Transmission System Operator SNAM
• The return of the bond follows the completion of the SNAM pipeline tie in connection, Gas Sales Agreement and transportation arrangements
• First gas supply from the Podere Maiar – 1 well in the Selva field is contingent upon final Ministry approval after final operation and safety inspection of the completed gas treatment plant
On Monday 29 May 2023, Po Valley Energy Limited (ASX: PVE) announced that the process to recover the performance bond funds deposited with SNAM had been finalised. The amount reimbursed from SNAM is €757,000 with €280,090 net to PXEN. This follows the completion of the pipeline tie in connection to the newly built Podere Maiar – 1 (PM-1) gas treatment facility in the Selva Malvezzi Production Concession, located in the Emilia Romagna region (Po River Valley area in the north of Italy). The return of the bond deposited with SNAM was conditional on completion of the SNAM grid connection and the Gas Sales Agreement, announced on 13 February 2023. Initial production of PM-1 gas is contingent on Ministry final approval after the sign-off of the final operation and safety inspection. The final inspection has been delayed due to severe flooding throughout the Emilia Romagna region. Po Valley Energy has been informed that the inspection will take place as soon as the Fire Department has attended to urgent priorities. The gas treatment facility and preparatory activities for first gas have not been affected by the flooding. Read More
Blue Ocean Seismic Services completes breakthrough trials of its autonomous subsea survey vehicles
Blue Ocean Seismic Services, the marine seismic survey disruptor, is pleased to announce that its latest series of trials, held in the Loch Linnhe, Scotland, have confirmed that its autonomous undersea robots can reliably operate, accurately navigate, and record quality seismic data in challenging real-world tidal conditions.
The results of this latest round of trials, which saw multiple vehicles operating simultaneously, are ‘a world first’ the company believes for the sector and represent proof of technology. The subsea robots not only outperformed an ROV (remotely operated vehicle) positioned Ocean Bottom Nodes, but they also successfully recorded an unexpected earth tremor which occurred during the trial. The effective completion of this round of testing marks a crucial milestone towards validating Blue Ocean Seismic Services’ revolutionary technology and marks a transformational step towards commercialisation of its autonomous subsea vehicles.
During the five-day trial in Loch Linnhe, a tidal sea loch on the west coast of Scotland, the undersea vehicles demonstrated the ability to efficiently transit and navigate accurately to a target location on the seabed, land, increase their weight to couple to the seabed, record quality seismic data, take-off and navigate to a new location multiple times before returning to the surface. Due to the challenging tidal conditions of the sea loch, the untethered robots were often pushed off course but consistently and autonomously corrected to complete operations. The underwater robots were also successfully controlled, commanded via surface and subsurface communications, consistently navigating to seabed target location (coordinates), demonstrating ability to land within 10 metres of target with scope to significantly improve with minor improvements, and reported status in real-time to vessel-based operators. The team also successfully conducted a ‘Proof of Concept’ – testing Starlink TM communications as a future pathway for communication and data transfer in remote offshore operations. The extensive dataset acquired during the trials, as well as the data from a series of successful trials held in both Loch Ness late last year and Perth, Australia earlier this year, will allow engineers to further refine the vehicle and control software and move towards the scale up to commercial operations, targeted for Q4 2024. Blue Ocean Seismic Services’ technology is disrupting the offshore seismic sector to become cheaper, faster, safer, and much less carbon intensive. The use of autonomous ocean bottom seismic robotic vehicles (OBSrV) significantly reduces vessel-based personnel requirements and survey duration. By removing the overall need for energy-intensive exploration vessels and ROVs, the technology is expected to reduce seismic survey costs by more than 50 per cent and substantially reduce associated carbon emissions. The vehicles can also reduce the impact on the seabed and sea life compared to conventional methods of collecting seismic data. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $71.38 | Down |
| Crude Oil (Brent) | USD/bbl | $75.52 | Down |
| Bonny Light | USD/bbl | $76.08 | Down |
| Saharan Blend | USD/bbl | $76.66 | Down |
| Natural Gas | USD/MMBtu | $2.35 | Down |
| OPEC basket 29/05/23 | USD/bbl | $76.88 | Down |
OPEC affirms it unwavering support to the UAE’s inclusive approach to this year’s COP 28 meeting and to its President-Designate, His Excellency Dr. Sultan Ahmed Al Jaber. The UAE is a recognised global leader in tackling the challenges related to energy, climate change and sustainable development. Not only in words, but also in its actions with major investments into the development and deployment of renewables and technologies focused on reducing greenhouse gas emissions.
Dr. Al Jaber is a well-respected and renowned global energy leader. As Chairman of Masdar and Group CEO of the Abu Dhabi National Oil Company (ADNOC), he has guided Masdar into becoming a global leader in renewables and continues to lead ADNOC on an unprecedented decarbonisation path, with ADNOC today having some of the lowest emissions per barrel of oil produced globally. His stellar knowledge and expertise gained from leading both groups should be viewed as a recipe for successfully enabling inclusive and fair discussions at COP28, with the UAE best suited to make it a COP of action and results. Dr. Al Jaber’s deep understanding of the energy industry and his objectivity has been praised by global leaders, and we welcome his encouragement for a just energy transition that leaves no one behind. OPEC believes that COP28 needs every voice at the table to achieve practical, pragmatic and realistic solutions. We wish the UAE and Dr. Al Jaber every success. Read More
The Secretary General of the Gas Exporting Countries Forum (GECF), HE Eng. Mohamed Hamel, held a virtual meeting today with HE Ahmed Mohamed Alkaabi, Assistant Undersecretary for Electricity, Water, and Future Energy at the Ministry of Energy and Infrastructure of the United Arab Emirates.
They discussed the current state of energy markets and their medium- to long-term prospects, as well as preparations for the upcoming GECF meetings. HE Hamel expressed his gratitude for the unwavering and valuable support of the UAE, a respected member country of the GECF. He reiterated his sincere congratulations to the UAE on its recent elevation to full membership status in the Forum. HE Alkaabi conveyed the greetings of HE Eng. Suhail Mohamed Almazrouei, Minister of Energy and Infrastructure, and praised the great progress made by the GECF Secretariat regarding membership expansion, quality of reports, and enhanced international engagement.
Echoing GECF’s sentiments, HE Hamel extended heartfelt congratulations and pledged full support to the UAE in its hosting of COP28. HEHamel stated: “I am confident that COP28 will be a resounding success, not only in terms of exceptional organisation but in significant outcomes as well. The UAE has always been a leader in combating energy poverty and climate change, advancing practical financial and technological solutions for sustainable development, combining in a balanced manner economic development, social progress and environmental protection. The exceptional experience of the COP28 President, HE Dr Sultan bin Ahmed Al Jaber, spanning various energies, innovative technologies, and a decade of climate diplomacy, will undoubtedly be a driving force for the success of COP28”. Responding to the GECF’s commendation, HE Alkaabi appreciated the well wishes and reiterated the UAE’s commitment to ensure the success of COP28. HE Alkaabisaid: “As responsible energy producers and consumers, we understand the urgency to transform global energy systems and reduce emissions. We must collectively expeditedecarbonisation, while the world accelerates its adoption of cleaner energy. UAE’s commitment is evident in $50 billion investment in renewable energy projects across 40 countries, and in our investments in nuclear, solar, and carbon capture and storage. These are not mere pledges; these are tangible and real actions towards a sustainable future”. Read More
Baker Hughes Rig Count:
U.S. Rig Count is down 9 from last week to 711 with oil rigs down 5 to 570, gas rigs down 4 to 137 and miscellaneous rigs unchanged at 4.
Baker Hughes Rig Count: Canada is up 2 to 87 rigs.
Canada Rig Count is up 2 from last week to 87, with oil rigs up 3 to 42, gas rigs down 1 to 45.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 26 May 2023 | 711 | -9 |
| Canada | 26 May 2023 | 87 | +2 |
| International | April 2023 | 947 | +17 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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